Rivers’ commissioner, Nsirim, says Governor Wike’s projects to attract investors
Ben Eguzozie
December 30, 2020
But analysts want governor to balance projects with economic growth, job creation Paulinus Nsirim, Rivers State’s commissioner for information and communication, says the vast projects, including the on-going seven flyover bridges, being erected across the oil-rich state by Governor Nyesom Wike, are aimed at attracting investors into the state and thereby grow […]
NAICOM seen becoming toothless, amid court injunctions over recapitalisation
Zainab IwayemiDecember 29, 2020
By Zainab Iwayemi Injunctions expose Nigeria insurance industry regulator’s indecisiveness Leave NAICOM a toothless bulldog Nigeria’s insurance industry regulator, the National Insurance Commission (NAICOM), is seen to be gradually becoming a toothless bulldog as a raft of indecisiveness over the years has left it exposed in its quest to raise the capital base […]
Soybean prices seen rising in Q1’21 on Brazil’s dry weather, China’s strong demand
Chris IkosaDecember 29, 2020
By Onome Amuge The current untimely dry weather in South America, coupled with the worrisome lack of moisture, is likely to raise soybean prices more than 40 per cent higher in the first quarter of 2021. Market analysts project that the persistent dryness could cause irreparable damage to this year’s Brazilian soybean crop […]
Fitch revises global GDP forecast to modest 5.3% uptick in 2021
Charles AbuedeDecember 29, 2020
By Charles Abuede Sayssharp reopening boost is imminent, but no ‘V’ shaped recovery in 2021 Fitch Ratings, the credit rating firm, has revised its global GDP forecast for 2021 and now believes there would be a modest uptick to 5.3 per cent in the year that immediately follows an economy ravaged 2020 pandemic […]
Zenith Bank, AfCFTA, Afreximbank in talks over currency differences
Phillip Isakpa & Charles AbuedeDecember 28, 2020
By PHILLIP ISAKPA & CHARLES ABUEDE As Nigeria mulls security concerns Talks with Zenith also involve trade portal In just four days from Monday 28 December, 2020, the much talked about world’s biggest single market brought under the sobriquet, African Continental Free Trade Agreement (AfCFTA), will light up for the world to […]
CBN’s hammer falls on 8 PSPs in Nigeria, revokes operating licences
Charles AbuedeDecember 24, 2020
By Charles Abuede The Central Bank of Nigeria (CBN) has revoked the operating licences of seven payment services providers and one switch licence operators in Nigeria. The payment service providers include, Easifuel Limited; Transaction Processing System (TPS); Grand Towers Limited; Paymaster Limited; E-Revenue Gateway Limited; Eartholeum Network Limited and Globasure Limited. The only switch […]
Nigerians expect naira appreciation, moderation in inflation, borrowing rates
Charles AbuedeDecember 24, 2020
By Charles Abuede In the next 12 months Nigerians have built an expectation that the domestic currency, the naira, will appreciate, and a moderation in inflation and gradual fall in borrowing rates, a survey conducted by the Central Bank of Nigeria (CBN) has revealed. These Nigerians think buying big-ticket items like cars and houses […]
Nigerian manufacturers could shut down as early as January, MAN warns
Onome AmugeDecember 24, 2020
By Onome Amuge Seeks urgent government intervention, foreign exchange allocation Manufacturing companies in Nigeria face imminent collapse as early as next month if precautionary measures are not put in place by the federal government to attenuate the challenges hindering the manufacturing sector, the nationwide strong Manufacturers Association of Nigeria (MAN) has warned. Mansur […]
AfCFTA: Southern Africa’s $53bn export potential puts it in pole position
Ben EguzozieDecember 22, 2020
Nigeria and West Africa in distant third with just $9.5bn South Africa accounts for 80% of Southern region’s untapped export North Africa comes with $13.4bn; West $9.5bn; East $7.8bn; Central last with only $840m If tapped, total intra-African trade could hit $231bn T he Southern African region, with export potential of $53 billion out […]
Nigeria bourse climbs to N19.6trn as DangCem, Wapco, Oando help bring N333.8bn home to investors
Charles AbuedeDecember 22, 2020
By Charles Abuede Naira gains N3 at start of Christmas week T-bills close negative, FGN bonds positive The Nigerian equities market continued its positive run with an advance of 174 basis points as the week opened Monday on the back of a similar positive close last week. It represented 1.74 percent growth as […]